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Voluntary Benefits

Voluntary Benefits

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Voluntary Benefits

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  1. Voluntary Benefits Rounding out your benefit package! 1

  2. What are voluntary benefits? Voluntary benefits have these characteristics: • You can pay through payroll deduction • Some Pre-tax and some After-tax deductions • Group discounts • Convertible to personal policies • Helps you insure against some hidden pitfalls

  3. What are the voluntary benefits? Available are: • Three different home & auto plans • Vision insurance • Short Term Disability (STD) insurance • Accident Insurance • 529 Next Gen College savings plan • Long Term Care Insurance

  4. Home & Auto companies You have three Home & Auto companies to choose from. Many experts suggest going “out for bid” every 5 years or so. Also, these companies might have additional lines of coverage to consider such as • Umbrella policy • Renter’s insurance • Snowmobile coverage • Personal liability, etc.

  5. Home & Auto companies MetLife 1-800-GET-MET8, 1-800-438-6388 Liberty Mutual Ron Morin, ronald.morin@libertymutual.com 1-800-586-9035 x50002 Northeast Bank Betsy Sibley, bsibley@northeastbank.com 1-207-786-0417 x3442

  6. Vision Insurance • Available through EBM, 1-888-269-2744 • Uses the www.vsp.com network, toll free number of 1-800-877-7195 • Pre-tax contributions • Benefits include: • $20 co-pay for annual eye exam • $150 allowance for lenses and frames in-network with a $10 co-pay OR $150 allowance for contact lenses with no co-pay (every 24 months)

  7. Short Term Disability (STD) • Available through EBM, 1-888-269-2744 • Claims processed by Dearborn National • Pre-existing conditions excluded during first 12 months of coverage • Two week waiting period • Maternity is treated as an illness • CT and ESB may be used to supplement STD income (can’t exceed 100% of your normal pay) • Covers up to70% of your income up to $3000/week

  8. Accident Insurance • Available through EBM, 1-888-269-2744 • Pays benefits directly to you for off-the-job accidents • Pays in addition to any other insurance you have • Portable upon termination of employment at the same rate

  9. 529 College Savings Plan • Part of Maine’s NextGen College savings • Invest after-tax money to build accounts to pay for educational expenses • You can designate yourself, child or grandchild as “owner” of the funds • For more information, contact Art Chamberlain (207) 514-7003 arthur.r.chamberlain@wmarep.org

  10. Long Term Care Insurance • Purchase LTC Insurance with group rates • More information may be obtained from Todd Grove, LTCP, CLTC LTC Financial Planners 72 Pine Street Portland, ME 04102 (207) 772-5793 www.ToddGrove.com todd.grove@ltcfp.net